California Bank & Trust Announces Intention to Open Branch in East Palo Alto.SAN FRANCISCO--(BUSINESS WIRE)--May 11, 1999-- California Bank & Trust has announced that it has filed with the FDIC FDIC See: Federal Deposit Insurance Corporation FDIC See Federal Deposit Insurance Corporation (FDIC). and the California Department of Financial Institutions its intention to open a branch in the City of East Palo Alto Palo Alto, city, California Palo Alto (păl`ō ăl`tō), city (1990 pop. 55,900), Santa Clara co., W Calif.; inc. 1894. Although primarily residential, Palo Alto has aerospace, electronics, and advanced research industries. . It has been more than a decade since an on-site bank has served East Palo Alto, the largest city in California without a bank (estimated population at 30,000). Robert Sarver Robert Sarver (born 1961 in Tucson, Arizona) is the current majority owner of the Phoenix Suns. He bought the NBA franchise from Jerry Colangelo in the spring of 2004. , Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of California Bank & Trust, said, "The City of East Palo Alto and California Bank & Trust have a common goal of opening a branch as soon as possible to serve the community -- for the benefit of businesses and individuals alike. Opening this branch is a win-win for both the city and the Bank. "East Palo Alto provides a good opportunity for the Bank given its estimated growth potential in terms of population as well as the city government's commitment to community and economic rejuvenation Economic rejuvenation, often called economic growth is a prolonged period of fast economic growth (traditionally measured in terms of the GDP growth). By some definitions, "fast" means that it is significantly faster than a potential growth as estimated by experts in . California Bank & Trust is extremely excited to have the opportunity to expand its Super-Community Bank to East Palo Alto." "East Palo Alto is growing rapidly with current developments of 350 new homes and is experiencing dramatic economic growth in the business sector," commented Jeff Cheung, Executive Vice President, Northern California Northern California, sometimes referred to as NorCal, is the northern portion of the U.S. state of California. The region contains the San Francisco Bay Area, the state capital, Sacramento; as well as the substantial natural beauty of the redwood forests, the northern Division. "It is our bank philosophy to provide under-served and diverse communities throughout the state with banking products and services, keeping their special needs in mind." Marie Doyle, Senior Vice President, South Bay Region Manager in charge of the branch opening further remarked, "California Bank & Trust has a strong community commitment. And our customer service approach will work well in East Palo Alto." Plans are in development to open the new California Bank & Trust branch in East Palo Alto. Several sites are currently under consideration. The branch is planned to open in the third quarter of 1999. California Bank & Trust (www.calbanktrust.com), created out of the merger of Sumitomo Bank of California The Bank of California was founded in San Francisco, California on July 5, 1864 by William Chapman Ralston. It was the first commercial bank in the Western United States, the second-richest bank in the nation, and considered instrumental in developing the American Old West. and San Diego-based Grossmont Bank currently operates over 70 offices throughout California with plans to expand. CB&T has over $6 billion of assets, and provides a full range of services, including: deposits, consumer, business and real estate loans, corporate cash management services, trust and investment services, and private banking. Zions Bancorporation is the parent company of California Bank & Trust and is listed on the Nasdaq Stock Market Nasdaq stock market The first electronic stock market listing over 5000 companies. The Nasdaq stock market comprises two separate markets, namely the Nasdaq National Market, which trades large, active securities and the Nasdaq Smallcap Market that trades emerging growth companies. under the symbol "ZION". |
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